Many people are blindsided by #divorce and haven’t taken the necessary steps to ready themselves for the reality of the proceedings. However there are a few key things you can do before starting down the road to divorce to empower yourself and put yourself in the most favorable position possible.
1. Know your finances. It’s important to have access to financial records during the divorce process. I counsel my clients to obtain general, if not detailed, knowledge of their assets, debts, income, and expenses prior to filing for divorce. The most helpful scenario is when a client has gathered detailed financial information from other sources, such as contacting a business manager to acquire financial statements or calling an accountant to get their tax returns. Ultimately, the more information a client can put together beforehand, the easier it is at the onset because we’re able to immediately start crafting a strategic plan for him or her.
2. Get your #affairs in order. It’s important to be proactive about updating estate plans, signing wills, refinancing an asset and taking care of other financial transactions before pursuing a divorce. In California and some other states, once you file for divorce automatic temporary restraining orders go into effect, meaning you may not be able to complete these transactions.
3. Set money aside. It’s common to keep an emergency fund to pay for living expenses in case you lose your job and the same holds true for divorce. People should set aside a similar amount of liquid money especially if you have less control over the finances, because your spouse may cut you off when you file. On a side note, if you have concerns about your spouse taking valuables from your home, such as jewelry or important documents, you should keep those assets in a safety deposit box or have someone else who you trust hold onto them for you
Make no mistake about it, divorce is hard. Even if you and your spouse expect to have an amicable dissolution, the emotional and financial challenges that come with divorce can make it one of the most difficult things you’ll ever go through in your life.